A Simple Question That Can Change Your Business - Rick Mulready

rick mulready

A Simple Question That Can Change Your Business

April 1, 2022

I want to talk about a very simple question that could drastically change your business for the better: “Where are my sales coming from?”

Many people I come across and start working with are asking this question, but they don’t know the answer.

I always talk about doing more of what’s working; find out what’s working and do more of it. We don’t have to reinvent the wheel every time.

Well, how can you do more of what’s working if you don’t know where your sales are coming from? If having a bigger impact in your business, and creating more revenue and profit is important to you, you’ve got to know your numbers.

Let me repeat that: you have to know your numbers in your business.

That’s what we’re going to talk about today on the show. We’re going to talk about tracking the data in your business and using that data to make smarter business decisions.

All that, and more, on today’s episode of The Art of Online Business Podcast.

In this episode, you’ll learn:

  • How to use unique landing pages to efficiently segment your sales numbers
  • Tips for optimizing UTM tracking in Google Analytics
  • My favorite tool for implementing my strategies and tracking my data

Links & Resources:

*Disclosure: I only recommend products I use and love and all opinions expressed here are my own. This post may contain affiliate links that at no additional cost to you, I may earn a small commission.


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Episode Transcript

[00:00:00] Rick:
Hey, my friends, if you are feeling overwhelmed in your business right now, or if you’re feeling stuck in your business, which is something I hear all the time. If you’re unsure of what next steps to be taking in order to grow and scale your business. If you want to increase your profit and have a bigger impact in your business with less hustle (this is not about adding more hours and hustle to what you’re already doing),

my Accelerator coaching program may be exactly what you need to help you get unstuck and optimize your business towards seven figures and beyond.

Accelerator is for established online course creators and coaches who are already averaging at least $7-8K per month in your online business,

but you’re spinning your wheels. You are likely feeling overwhelmed, and you’re doing all of the things. You’re not really sure what next steps that you need to be taking in order to increase your profit, increase your impact, without working longer and harder.

Accelerator is a super-unique coaching program because it is a one-on-one coaching program, group coaching program, and mastermind experience all wrapped up into one program.

This is application only, and we are open for applications.

If you want to learn more and apply for Accelerator, just go to RickMulready.com/Accelerator.

Alright, my friends let’s dive in.

What’s up, my friends. Welcome back to the show.

Today’s another quick tip episode here on the podcast. I want to talk about and share with you a very simple question that could drastically change your business, and I mean change your business for the better, right? Not for the worse.

And that question is, “Where are my sales coming from?”

It sounds like super obvious question to be asking yourself. Right. But so many people that I come across and we start working with, for example, maybe they might be asking this question, but they don’t, they don’t know the answer to it.

Right. So how can you, I always talk about, do more of what’s working, right? Find out what’s working and do more of it. We don’t have to reinvent the wheel every. And so how can you do more of what’s working if you don’t know where your sales are coming from, and if having a bigger impact in your business and creating more revenue and profit is important to you, my friends you’ve got to know your numbers.

And I’m going to repeat, let me repeat that. You have to know your numbers in your business. This is about tracking and using the data in your business to make smarter business decisions. And remember, I’ve talked about this a lot here on the show that data is neutral. Data means nothing. It has no meaning other than the meaning that we give to it.

Right? So we can look at a. results from a promotion that you do. Let’s just say you do a hundred thousand dollars in your promotion and you look at that that a hundred thousand dollars has zero. Meaning other than the meaning that you give it. And you could, you could look at that a hundred thousand dollars in sales.

Holy hell. That’s amazing that we did a hundred thousand dollars in this and somebody else could look at that and say, oh man, we only did a hundred thousand dollars in this. What? Like what happened? What was, what went wrong? Right. So the data in your business is neutral. It means nothing other than the meaning that you give to.

In the kickoff 90 day strategy call that I do with new members of our Accelerator coaching program. This is one of the first things that I dive into. I say, do you know your numbers? And because without this insight, right? Because without having any kind of knowledge of what your numbers are in your business, growing and scaling is going to be very different.

And in this, for this episode, the context of this episode, I’m going to be talking about knowing where your sales are coming from. So the data from your funnels, if you’re doing launches, if you’re doing email marketing, if you’re doing, you know, driving people from a podcast, for example, over to a lead magnet, that sort of thing.

In this episode, I’m not going to be talking about knowing your business numbers. Right. So that the health of your business I’m talking, and this is, I mean, this is a vital part, obviously of the health of your business, but specifically I’m going to be talking about, do you know where your numbers are coming from?

Do you know where our sales are coming from and how do you do that? Okay. Because again, without the insight, without you knowing what your lifetime customer value is, right. And being able to compare the. Data from one specific marketing source, for example, like email marketing or a webinar or, an evergreen funnel or whatever it might be.

If you don’t have this data, You have no insight into being able to make smarter business decisions to double down, for example, on what’s working right. And you can use data tracking tools out there. There’s plenty of them. And each, you know, says that they’re the best, right. But I’ve found them to be personally, not very user friendly.

And overpriced and my experience over the years. And by the way, on these data tracking tools out there, none of them contrary to what they say, none of them solve, you know, the whole apple iOS 14.5 privacy tracking issues, just because using that tool, it does not solve like it doesn’t bypass anything.

Okay. Just as a side note there. Okay. All right. So how do we start. Understanding where our sales are coming from. Well, I’m going to recommend just a few different things here. Really, really simple, because you know, I’m all about simplicity and you can make this as complex as you want it, but I’m not about complex.

I’m about, what would this look like if it were. Easy. Right. I think it was Tim Ferriss. I first heard that question from, and I talk all about that. I’m always using that question when coaching our Accelerator members, you know, I heard it from Tim years and years ago. It’s a perfect question to ask yourself, like, okay, I want to know where my sales are coming from.

What would that look like if it were easy? Well, the first thing that you can do is you can create unique landing pages and funnels in whatever tool that you’re using. Right. So if you’re wanting to get started with tracking your marketing sources, one of the easiest ways to do that is to have unique landing page funnels for your different marketing channels, right?

It’s a little bit more labor intensive because you’re creating one landing page funnel, for example, and then you’re duplicating it however many times that you want. And then you would give each funnel a unique identifier in the URL for each channel. So for example, you have a funnel for your Facebook ads.

And so in the URL you put, at the end of it, you put like a hyphen F B for example, or SB ads or what have you. So that’s a super easy way to do it, right? You can absolutely be doing that. And if you’re running ads and I’ve talked about that, this here on. The show quite a bit before is you should absolutely have a unique funnel that you are sending people to from your ads, so that you have a, another, an additional standalone data point to compare to the numbers that are going to be very off inside.

Ads manager. Although Facebook came out recently and said that they have reduced the percentage, difference in the numbers that, we see in ads manager, meaning it’s getting better. That’s what Facebook is saying. Right. haven’t quite seen it yet. so anyway, so you can use, the unique landing pages creating unique.

And whatever tool that you’re using, that’s a super easy way to do it. And then you just put a, again, you put a unique identifier in the URL for each channel.

The second way that you can be tracking where your sales are coming from the time has come my friends, right? If you are not already. Using Google analytics with UTM parameters in your marketing. You really need to be considering this. This gives you another data source from which to glean insight, right into what’s working in terms of your marketing and driving sales and what.

So you can be using unique UTM parameters, for example, in your Facebook and Instagram ads or your YouTube ads or your TikTok ads, or your email marketing or your social media, right? Your podcasts or YouTube videos, your lead bag. Any of these different marketing sources, for example, you can create unique UTM codes, parameters for each one of these channels.

Now, if you’re just starting out with UTM tracking, you don’t need 50 different URLs, right? You don’t need 50 different UTM parameter track, you know, UTM parameters to be able to track this. You can simply have one for your email marketing, right? So you have you create one. Email marketing, UTM parameter.

And that goes, you, you use that for all of your email marketing, then you can have a separate one for your social media. Of course you want to do it by platform. Right. So if you’re posting on Instagram versus TikTok or what have you, right. And another one for your podcast, if you have a podcast, right. So it’s like, yeah.

Can you get more granular later on? Absolutely. But for simplicity sake, you can create a handful of unique UTM parameters for each one of your marketing sources. And that will give you a ton of. something that, that we helped. One of our Accelerator members do several months ago was they had a whole bunch of different lead magnets on their site.

And they were beginning a membership program. None of the, none of the lead magnets were really leading to anything that had anything to do with the membership. And so one thing that, that, that we did was like, all right, let’s see. Let’s create some tracking with three-year lead magnets, let’s consolidate things, right?

Look at what your best performing lead magnets are. Make sure that they are, contextually relevant to whatever content that you have them with, et cetera, et cetera. But obviously having them drive to something that is a logical first step towards the membership, but then let’s use UTM tracking. To track each of these lead magnets to, to determine, Hey, which one of these lead magnets, when somebody ops in is ultimately leading to sales in the member.

And they were able to really dial this in and they get a ton of organic traffic and they were really able to dial us in and see huge growth in the number of, new subscribers to the membership, new members and the membership. And a big part of this was being able to track specifically where people were coming in.

And then depending on where people were coming in, you know, how many of those people were, were actually signing up for the membership per lead magnet source. So knowing this stuff I rented, this is critical to be able to make smarter business decisions, in your business. Right. And then a third option.

I don’t want to give you. These are the top three simple, like super simple ways to do this that you can get started with right away. Right. And the third option. So I’ve talked about it here before. I’m going to be talking more about it. up on the podcast, I’m going to have the founder on to talk about, evergreen webinar funnels, et cetera.

We love and use a 10XPRO.io in my business for all of my funnel, building my landing pages. It houses all of our trainings, et cetera. So if you’re using 10XPRO, it has a unique URL source tracking built right inside your dash. Right. So for example, in just a few clicks, you can create a unique tracking URL for a lead magnet, for example, or an email marketing campaign, et cetera.

And then you can even assign like dollar values to the URL. If you want. Then when people start opting in and purchasing, et cetera, using these unique URLs that you’ve set up inside a 10 TEDx pro you just review the results right there. Your dashboard. So they make it really, really easy to do, you know, source tracking, which is what we’re talking about here, allowing you to answer the question, where am I sales coming from?

Right. And by the way, not only do I use it, I’m also a proud affiliate of 10XPRO. So if you want to see how it can help simplify and consolidate many of the backend marketing tools in your business, then I invite you to go to Rick mulready.com forward slash 10XPRO. But number 10, the letter X pro. And you can check out to next pro right there.

So those are three ways to really, really simply answer the question to give you more insight, to know where are your sales coming from? And then lastly, on this, you’re going to want to create a spreadsheet, right? Where you can track all of your data so that you can review and analyze it and dig into it, to see what’s actually driving results and what isn’t.

And one final note on, on this, like creating a spreadsheet and pulling data and so forth your job as the CEO is to be reviewing and analyzing the data, not pulling it. Now, if you’re running a solo show in your business and you don’t have any help. You need some help there with your business.

Then you’re going to be pulling it yourself. But if you have a team, if you’ve got people on your team, I want to highly recommend that you create an SOP around what data that you want to see from, you know, the different marketing channels, the different, you know, the different campaigns that you are running in your business, for example.

Create an SOP around it, what you want to see and where to find that data, how to pull it. And then somebody else on your team is able to follow that SOP. And they do the, the, the gathering of the data so that when you go to review your scorecard, You know, every Monday morning, for example, or your data report with all your numbers and so forth, everything is ready right there for you.

Even better, if you want to take that to the next level, if you have an integrator. Or if you have an OBM, for example in your business, have them review the data before it even gets to you. Then they come to you with their analysis, with their ideas, with their insight, and that makes it even more powerful.

That, my friends, is the simple question that can quickly change your business. Where are my sales coming from?

If you don’t have insight into this right now, follow what I’ve just shared with you here today. Start implementing that so you can get some insight right away into, “Hey, what’s working in my business? I’m doing all these things.

I have no idea. What’s actually working.”

You’ve got to know what’s working so you can do more of what’s working. That is what’s going to allow you to grow and scale, and increase your profit and increase your impact without doing more, and more, and more, with less hustle.

Alright, my friends. Thank you, as always, for listening to today’s episode.

Super appreciate you.

Have an amazing one, and I’ll see you right back here for the next episode here on The Art of Online Business podcast.

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